Digital solutions platform Globe has entered into an agreement with Home Credit, a top consumer finance firm in the Philippines, to fight financial spam and scams.
This development follows partnerships Globe inked earlier with the various banks and financial institutions addressing the rising volume and intricacy of financial crimes, identity theft, phishing, spam and scam SMS that significantly affect customers and industry stakeholders.
With the partnership, Globe and Home Credit enhance their capacity to respond to financial fraud and scams while developing measures preventing future occurrences. This includes sharing relevant information and a collaborative approach to investigating fraud cases, all in strict compliance with existing laws, rules, and regulations.
“As a leading digital solutions platform, Globe is fully aware of the detrimental effects of spam and scam texts and other forms of fraud on our customers and stakeholders,” said Globe chief privacy officer Irish Salandanan-Almeida.
“Our partnership with Home Credit is a clear demonstration of our unwavering commitment to combating these malicious activities. By working together and taking proactive measures, we aim to prevent such incidents to safeguard our customers’ interests,” she added.
With the rising incidence of text and other mobile-related scams, Home Credit Philippines chief compliance officer Rejyl Siang said the company leads the charge in fighting security and data breaches to help protect Filipino users falling victim to scams.
“Through our #SIMguradoAko campaign, we at Home Credit urge all mobile users to register their SIM before the deadline. Our partnership with Globe further strengthens our commitment to helping the government with their goal of adding an extra layer of security and protection that benefits all Filipinos,” he said.
Globe’s heightened efforts to combat fraud have yielded significant results, with 85 million bank-related spam messages blocked from January 2022 to January 2023. In just the first three months of this year, the figure rose to 4.07 million, 2.7 percent higher than the 3.97 million blocked during the same period last year.
The growing digital marketplace has exposed unwitting digital users to a wider range of attacks by fraudsters, prompting Globe to intensify efforts to safeguard customers from such threats.
Globe has made significant investments in tools and channels to improve the reporting of spam and scam SMS both from within and outside. The company has spent approximately $20 million to enhance its SMS detection and blocking system, which operates round-the-clock via its Security Operations Center.
This system filters out unwanted messages, including domestic and international app-to-person and person-to-person SMS.
